Interim Results
Close Brothers Aim Vct PLC
01 November 2006
CLOSE BROTHERS AIM VCT PLC
INTERIM RESULTS
1 November 2006
Close Brothers AIM VCT PLC ('the Company'), which invests in companies listed on
the Alternative Investment Market, across a variety of sectors, today announces
interim results for the six months ended 31 August 2006.
Chairman's statement
The six months to 31st August 2006 was a volatile and challenging time for
stockmarkets in general, and for small companies and AIM in particular. It is
disappointing to have to report that net asset values for both the Ordinary and
the D shares have fallen in this period by 7.1% and 2.5% respectively (after
adding back the second interim dividend) thus undoing the gains of the second
half of 2005. The AIM index fell by over 11% in the six months.
An aversion to risk has also had an impact on the flow of qualifying new issues
onto AIM. Consequently, the rate of investment slowed in the second half of the
period, with the result that the Ordinary portfolio was 73% invested if top-up
monies are included and the D portfolio was 47% invested at the end of August.
There are some signs that the deal flow is belatedly picking up in a more stable
stockmarket environment but the autumn remains quieter than your manager
expected.
Dividends
Ordinary shares
The Board has declared a total interim dividend of 2.5p per Ordinary share (2005
1.7p) which is made up of a revenue dividend of 0.4p and a dividend paid out of
realised capital profits of 2.1p.
D shares
The Board has declared a total interim dividend of 1.3p per D share (2005 2.0p)
which is made up of a revenue dividend of 1.0p and a dividend paid out of
realised capital profits of 0.3p.
The dividends paid out of realised capital profits are subject to HM Revenue &
Customs approval.
Market Background
As reported in the last Report and Accounts to the end of February 2006, the
market started 2006 in exuberant form, with the AIM Index in particular racing
to catch up the other indices that it had underperformed in 2005. This continued
into April, with the AIM Index showing gains from 1 January of over 20% at its
peak at the beginning of May. Although many of the gains were in resource stocks
which do not qualify for VCT investment, there was also a positive attitude to
risk amongst investors at this time which was helpful to smaller company share
prices in general. It also helped a record number of new issues to come to AIM
in the first six months of the year, although many of these were at high
valuations and non-VCT qualifying. In this period, both portfolios saw increases
in their Net Asset Values.
Unfortunately, all of this ended abruptly in May, when markets began to focus on
the reality of high oil prices, the very real probability of higher interest
rates and waning consumer confidence. The market suffered a sharp sell off, and
smaller AIM companies were particularly affected as fund managers sought safety
in larger and more liquid stocks. AIM fell more sharply than the rest of the UK
indices as investors who had been increasing their exposure to this market over
the previous twelve months, began to re-evaluate their strategy in the light of
poor performance from recent flotations. The stocks which fell hardest were
those which had risen the furthest previously, and as we have already said,
these were non-VCT qualifying. However, sentiment has affected the ratings of
all smaller AIM companies as the appetite for risk and growth has diminished.
Volatility also increased with the result that shares reacted sharply to any
piece of bad news.
After a very turbulent summer there are some signs that stability is returning
to the stockmarket, although price increases have been mostly at the larger end
of the market. AIM has continued to perform very poorly, due to a combination of
the size of the average company on AIM, its relatively higher rating (although
this also reflects its higher than average growth rate) and specific problems in
the gaming industry, to which AIM is very exposed. The latter is irrelevant for
your Company and the NAVs have continued to outperform the index.
Performance
Ordinary share Portfolio
The fall in the Ordinary share NAV was considerably less than that of the AIM
Index which is still more than 30% made up from resource stocks. Nevertheless,
this was a disappointing result. It was not helped by the market conditions
described above, which meant that some of the larger holdings such as Mears and
Imprint saw their share prices fall despite producing excellent figures and
exceeding market expectations for growth. In more stable market conditions, this
kind of share should be re-rated once more.
There were three stocks which suffered from specific problems in the period
which between them accounted for most of the fall in the NAV. The most serious
fall was in the price of Interlink Foods, the portfolio's biggest holding at the
time. It announced that its April trading had been affected by discounting from
Mr Kipling, its larger competitor and consequently that it would miss market
forecasts. The shares fell by 40%, despite the expectation that the Group would
still report growth of 10% for the year. The company remains profitable, growing
and dividend paying and has recently indicated that it has been in discussions
with a Venture Capital backed bidder. At the end of the period the value of this
investment was more than twice its cost. The other two shares showing a marked
decline in value were Pipex, the broadband operator hit by increased competition
in its market and Win, the deliverer of content over the mobile network which
lost a very profitable customer. Both of these operate in markets which are
expected to consolidate over the next year.
During the period, MacLellan and Systems Union were both taken over, and profits
were also taken in a number of other holdings. New investments totalling
£843,000 were made, not enough to cover the realisations from sales and takeover
bids. The HM Revenues & Customs Cover therefore remained fairly stable, ending
the period at 73% if top-up monies are included, still below the target of 80%.
D share Portfolio
This portfolio performed better than both the AIM and the Small Cap Indices,
helped by its high cash weightings. It was still disappointing to see the NAV
per share go down, although much of this was due to the market conditions
described above rather than any bad news from individual holdings in the
portfolio, most of which have met or exceeded market expectations. The one
notable exception was Win which lost a significant customer, and as a result
this share price has been left very low.
During the period, five new investments were made at a total cost of £1.2m.
However, this was offset by the takeover of Legend Communications and profit
taking in several other holdings totalling £884,000. At the end of the period,
the portfolio was 47% invested for HM Revenue & Customs purposes, with eighteen
months left to reach 70% under VCT regulations.
Outlook
The main challenge for the manager is finding enough new attractive VCT
qualifying investments at the right price. Fortunately, your Company can invest
in companies with up to £15 million of gross assets, rather than the new lower
limit which was enshrined in the Finance Act this summer. It is the manager's
view that this is not fully appreciated by market practitioners. The lack of
demand for investment in AIM has resulted in some companies abandoning the
flotation process and reducing prices to more realistic levels. The latter
should be good news for the portfolios, if sufficient companies find that it is
worthwhile to float. Stability in the market over the next three months will be
important for this.
It is encouraging that many of the companies in the portfolios have announced
good results, and several have paid maiden dividends, for example Mattioli
Woods, BBI and Cello. The wider stockmarket worries about inflation and slowing
growth rates do not seem to have had a great impact on the performance of
individual companies. If the stockmarket continues to recover, there should be
room for growth stocks to be re-rated upwards, and this would have a positive
impact on the performance of the portfolios.
Michael Reeve
Chairman
31 October 2006
Income Statement
for the six months to 31 August 2006
Ordinary shares
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 2006 31 August 2005 28 February 2006
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/
gains - (1,764) (1,764) - (254) (254) - 2,331 2,331
on
investments
Dividends
and 208 - 208 229 - 229 406 - 406
interest
Investment
management (75) (225) (300) (79) (236) (315) (156) (469) (625)
fee
Performance
fee - - - - - - - (9) (9)
Other (62) - (62) (83) - (83) (142) - (142)
expenses ------- ------ ------ ------- ------ ------ ------- ------ ------
Return on
ordinary
activities
before tax 71 (1,989) (1,918) 67 (490) (423) 108 1,853 1,961
Tax on
ordinary
activities 2 - 2 2 18 20 1 13 14
------- ------ ------ ------- ------ ------ ------- ------ ------
Return
attributable
to
shareholders 73 (1,989) (1,916) 69 (472) (403) 109 1,866 1,975
------- ------ ------ ------- ------ ------ ------- ------ ------
Basic and
diluted
return
per share 0.2 (6.4) (6.2) 0.2 (1.5) (1.3) 0.3 5.8 6.1
(pence) ------- ------ ------ ------- ------ ------ ------- ------ ------
All of the Company's activities derive from continuing operations.
No operations were acquired or discontinued during the period.
The Company has no recognised gains or losses other than those disclosed above,
accordingly a statement of total recognised gains and losses is not required.
The total column of the Income Statement represents the profit and loss of the
Ordinary shares. The supplementary revenue return and capital return columns
have been prepared in accordance with the Association of Investment Companies'
Statement of Recommended Practice.
Income Statement
for the six months to 31 August 2006
D shares
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 2006 31 August 2005 28 February 2006
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/
gains - (447) (447) - 268 268 - 1,544 1,544
on
investments
Dividends 238 - 238 262 - 262 556 - 556
and
interest
Investment
management (56) (168) (224) (35) (104) (139) (90) (271) (361)
fee
Performance
fee - - - - - - - (50) (50)
Other (44) - (44) (37) - (37) (80) - (80)
expenses ------- ------ ------ ------- ------ ------ ------- ------ ------
Return on
ordinary
activities
before tax 138 (615) (477) 190 164 354 386 1,223 1,609
Tax on
ordinary
activities (30) 28 (2) (46) 26 (20) (93) 79 (14)
------- ------ ------ ------- ------ ------ ------- ------ ------
Return
attributable
to
shareholders 108 (587) (479) 144 190 334 293 1,302 1,595
------- ------ ------ ------- ------ ------ ------- ------ ------
Basic and
diluted
return
per share 0.7 (3.7) (3.0) 1.0 1.3 2.3 1.9 8.6 10.5
(pence) ------- ------ ------ ------- ------ ------ ------- ------ ------
All of the Company's activities derive from continuing operations.
No operations were acquired or discontinued during the period.
The Company has no recognised gains or losses other than those disclosed above,
accordingly a statement of total recognised gains and losses is not required.
The total column of the Income Statement represents the profit and loss of the D
shares. The supplementary revenue return and capital return columns have been
prepared in accordance with the Association of Investment Companies' Statement
of Recommended Practice.
Income Statement
for the six months to 31 August 2006
Total
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 2006 31 August 2005 28 February 2006
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/
gains - (2,211) (2,211) - 14 14 - 3,875 3,875
on
investments
Dividends
and 446 - 446 491 - 491 962 - 962
interest
Investment
management (131) (393) (524) (114) (340) (454) (246) (740) (986)
fee
Performance
fee - - - - - - - (59) (59)
Other (106) - (106) (120) - (120) (222) - (222)
expenses ------- ------ ------ ------- ------ ------ ------- ------ ------
Return on
ordinary
activities
before tax 209 (2,604) (2,395) 257 (326) (69) 494 3,076 3,570
Tax on
ordinary
activities (28) 28 - (44) 44 - (92) 92 -
------- ------ ------ ------- ------ ------ ------- ------ ------
Return
attributable
to equity
shareholders 181 (2,576) (2,395) 213 (282) (69) 402 3,168 3,570
------- ------ ------ ------- ------ ------ ------- ------ ------
All of the Company's activities derive from continuing operations.
No operations were acquired or discontinued during the period.
The Company has no recognised gains or losses other than those disclosed above,
accordingly a statement of total recognised gains and losses is not required.
The total column of the Income Statement represents the profit and loss of the
Ordinary shares. The supplementary revenue return and capital return columns
have been prepared in accordance with the Association of Investment Companies'
Statement of Recommended Practice.
Balance Sheet
as at 31 August 2006
Ordinary shares
Unaudited Unaudited Audited
31 August 31 August 28 February
2006 2005 2006
£'000 £'000 £'000
Fixed asset investments
- held at fair value through profit or
loss
Qualifying investments 19,543 19,831 22,035
Non-qualifying investments 4,112 3,638 3,925
----------- ----------- -----------
23,655 23,469 25,960
Current assets
Debtors 117 158 1,100
Cash at bank 450 2,164 724
----------- ----------- -----------
567 2,322 1,824
Creditors:
Amounts falling due within one year (69) (45) (842)
Net current assets 498 2,277 1,000
----------- ----------- -----------
Net assets 24,153 25,746 26,960
----------- ----------- -----------
Capital and reserves
Called up share capital 15,310 15,981 15,561
Share premium 1,450 1,440 1,450
Special reserve 8,182 9,180 8,547
Capital redemption reserve 3,021 2,350 2,770
Realised capital reserve (4,124) (2,218) (3,231)
Unrealised capital reserve 184 (1,067) 1,806
Revenue reserve 130 80 57
----------- ----------- -----------
Equity shareholders' funds 24,153 25,746 26,960
----------- ----------- -----------
Net asset value per share (pence) 78.88 80.55 86.62
Balance Sheet
as at 31 August 2006
D shares
Unaudited Unaudited Audited
31 August 31 August 28 February
2006 2005 2006
£'000 £'000 £'000
Fixed asset investments
- held at fair value through profit or
loss
Qualifying investments 8,774 5,198 8,857
Non-qualifying investments 7,009 12,005 7,009
----------- ----------- -----------
15,783 17,203 15,866
Current assets
Debtors 78 147 5,071
Cash at bank 2,755 1,518 146
----------- ----------- -----------
2,833 1,665 5,217
Creditors:
Amounts falling due within one year (44) (381) (1,678)
Net current assets 2,789 1,284 3,539
----------- ----------- -----------
Net assets 18,572 18,487 19,405
----------- ----------- -----------
Capital and reserves
Called up share capital 8,025 8,044 8,040
Share premium 39 38 39
Special reserve 9,341 9,395 9,373
Capital redemption reserve 57 38 42
Realised capital reserve (621) 230 (277)
Unrealised capital reserve 1,561 587 1,965
Revenue reserve 170 155 223
----------- ----------- -----------
Equity shareholders' funds 18,572 18,487 19,405
----------- ----------- -----------
Net asset value per share (pence) 115.72 114.92 120.68
Balance Sheet
as at 31 August 2006
Total
Unaudited Unaudited Audited
31 August 31 August 28 February
2006 2005 2006
£'000 £'000 £'000
Fixed asset investments
- held at fair value through profit or
loss
Qualifying investments 28,317 25,029 30,892
Non-qualifying investments 11,121 15,643 10,934
----------- ----------- -----------
39,438 40,672 41,826
Current assets
Debtors 195 305 6,171
Cash at bank 3,205 3,682 870
----------- ----------- -----------
3,400 3,987 7,041
Creditors:
Amounts falling due within one year (113) (426) (2,502)
Net current assets 3,287 3,561 4,539
----------- ----------- -----------
Net assets 42,725 44,233 46,365
----------- ----------- -----------
Capital and reserves
Called up share capital 23,335 24,025 23,601
Share premium 1,489 1,478 1,489
Special reserve 17,523 18,575 17,920
Capital redemption reserve 3,078 2,388 2,812
Realised capital reserve (4,745) (1,988) (3,508)
Unrealised capital reserve 1,745 (480) 3,771
Revenue reserve 300 235 280
----------- ----------- -----------
Equity shareholders' funds 42,725 44,233 46,365
----------- ----------- -----------
Reconciliation of Movements in Shareholders' Funds
for the six months to 31 August 2006
Ordinary shares
Share Share Special Capital Realised Unrealised Revenue Total
capital premium reserve redemption capital capital reserve
reserve reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Six months
ended 31
August
2006
As at 28
February 15,561 1,450 8,547 2,770 (3,231) 1,806 57 26,960
2006
Net return
after
taxation - - - - (367) (1,622) 73 (1,916)
for the
period
Dividends - - - - (526) - - (526)
Shares
purchased
for (251) - (365) 251 - - - (365)
cancellation
------ ------- ------- -------- ------- -------- ------ ------
As at 31
August 2006 15,310 1,450 8,182 3,021 (4,124) 184 130 24,153
------ ------ ------ -------- ------- -------- ------- ------
Six months
ended 31
August
2005
As at 28
February 16,330 1,449 9,691 2,001 (1,220) (1,593) 158 26,816
2005
Net return
after
taxation - - - - (998) 526 69 (403)
for the
period
Dividends - - - - - - (147) (147)
Issue of
shares net
of - (9) 2 - - - - (7)
expenses
Shares
purchased
for
cancellation (349) - (513) 349 - - - (513)
------ ------ ------- -------- ------- -------- ------- ------
As at 31
August 2005 15,981 1,440 9,180 2,350 (2,218) 1,067) 80 25,746
------ ------ ------- -------- ------- -------- ------- ------
Year ended
28 February
2006
As at 28
February
2005 16,330 1,449 9,691 2,001 (1,220) (1,593) 158 26,816
Net return
after
taxation
for the year - - - - (1,533) 3,399 109 1,975
Dividends - - - - (478) - (210) (688)
Issue of
shares net
of
expenses - 1 2 - - - - 3
Shares
purchased
for
cancellation (769) - (1,146) 769 - - - (1,146)
------ ------- ------- -------- ------- -------- ------- ------
As at 28
February
2006 15,561 1,450 8,547 2,770 (3,231) 1,806 57 26,960
------ ------- ------- -------- ------- -------- ------- ------
Reconciliation of Movements in Shareholders' Funds
for the six months to 31 August 2006
D shares
Share Share Special Capital Realised Unrealised Revenue Total
capital premium reserve redemption capital capital reserve
reserve reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Six months
ended 31
August
2006
As at 28
February
2006 8,040 39 9,373 42 (277) 1,965 223 19,405
Net return
after
taxation
for the
period - - - - (183) (404) 108 (479)
Dividends - - - - (161) - (161) (322)
Shares
purchased
for
cancellation (15) - (32) 15 - - - (32)
------ ------- ------- ------- ------- -------- ------- ------
As at 31
August 2006 8,025 39 9,341 57 (621) 1,561 170 18,572
------ ------- ------- -------- ------- -------- ------- ------
Six months
ended 31
August
2005
As at 28
February
2005 2,324 2,112 (66) 38 130 497 19 5,054
Net return
after
taxation
for the
period - - - - 100 90 144 334
Dividends - - - - - - (8) (8)
Issue of
shares net
of 5,720 7,387 - - - - - 13,107
expenses
Transfer of
reserves - (9,461) 9,461 - - - - -
------ ------ ------- -------- ------- -------- ------- ------
As at 31
August 2005 8,044 38 9,395 38 230 587 155 18,487
------ --- ------- -------- ------- -------- ------- ------
Year ended
28 February
2006
As at 28
February
2005 2,324 2,112 (66) 38 130 497 19 5,054
Net return
after
taxation
for the year - - - - (166) 1,468 293 1,595
Dividends - - - - (241) - (89) (330)
Issue of
shares net
of
expenses 5,720 7,388 - - - - - 13,108
Shares
purchased
for
cancellation (4) - (9) 4 - - - (9)
Transfer of
reserves - (9,461) 9,461 - - - - -
Costs of
cancelling
share
premium - - (13) - - - - (13)
------ ------- ------- ------- ------- ------- ------- ------
As at 28
February
2006 8,040 39 9,373 42 (277) 1,965 223 19,405
------ ------- ------- -------- ------- -------- ------- ------
Reconciliation of Movements in Shareholders' Funds
for the six months to 31 August 2006
Total
Share Share Special Capital Realised Unrealised Revenue Total
capital premium reserve redemption capital capital reserve
reserve reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Six months
ended 31
August
2006
As at 28
February 23,601 1,489 17,920 2,812 (3,508) 3,771 280 46,365
2006
Net return
after
taxation - - - - (550) (2,026) 181 (2,395)
for the
period
Dividends - - - - (687) - (161) (848)
Shares
purchased
for (266) - (397) 266 - - - (397)
cancellation
------ ------ ------- -------- ------- -------- ------- ------
As at 31
August 2006 23,335 1,489 17,523 3,078 (4,745) 1,745 300 42,725
------ ------- ------- -------- ------- -------- ------- ------
Six months
ended 31
August
2005
As at 28
February 18,654 3,561 9,625 2,039 (1,090) (1,096) 177 31,870
2005
Net return
after
taxation - - - - (898) 616 213 (69)
for the
period
Dividends - - - - - - (155) (155)
Issue of
shares net
of 5,720 7,378 2 - - - - 13,100
expenses
Shares
purchased
for (349) - (513) 349 - - - (513)
cancellation
Transfer of
reserves - (9,461) 9,461 - - - - -
------ ------- ------- -------- ------- -------- ------- ------
As at 31
August 2005 24,025 1,478 18,575 2,388 (1,988) (480) 235 44,233
------ ------- ------- -------- ------- -------- ------- ------
Year ended
28 February
2006
As at 28
February 18,654 3,561 9,625 2,039 (1,090) (1,096) 177 31,870
2005
Net return
after
taxation - - - - (1,699) 4,867 402 3,570
for the year
Dividends - - - - (719) - (299) (1,018)
Issue of
shares net
of 5,720 7,389 2 - - - - 13,111
expenses
Shares
purchased
for (773) - (1,155) 773 - - - (1,155)
cancellation
Transfer of
reserves - (9,461) 9,461 - - - - -
Costs of
cancelling
share - - (13) - - - - (13)
premium
------ ------- ------- -------- ------- -------- ------ ------
As at 28
February 23,601 1,489 17,920 2,812 (3,508) 3,771 280 46,365
2006 ------ ------- ------- -------- ------- -------- ------- ------
Cash Flow Statement
for the six months to 31 August 2006
Ordinary shares
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 31 August 28 February
2006 2005 2006
£'000 £'000 £'000
Operating activities
Dividend income received 61 65 109
Investment income received 102 165 263
Deposit interest received 30 18 74
Investment management fees paid (317) (321) (635)
Other cash payments (41) (87) (117)
----------- ----------- -----------
Net cash outflow from operating
activities (165) (160) (306)
----------- ----------- -----------
Servicing of finance
Interest paid - (14) (14)
----------- ----------- -----------
Capital expenditure and
financial investment
Purchase of investments (1,391) (2,742) (6,457)
Disposal of investments 1,484 5,612 9,899
----------- ----------- -----------
Net cash inflow from investing
activities 93 2,870 3,442
----------- ----------- -----------
Equity dividends paid
Revenue dividends paid - (147) (210)
Capital dividends paid (526) - (478)
----------- ----------- -----------
Total equity dividends paid (526) (147) (688)
----------- ----------- -----------
Net cash (outflow)/inflow before
financing (598) 2,549 2,434
----------- ----------- -----------
Financing
Intercompany account movement 986 - (997)
Issue of equity net of expenses - (90) (88)
Cancellation of shares (662) (515) (845)
----------- ----------- -----------
Net cash inflow/(outflow) from
financing 324 (605) (1,930)
----------- ----------- -----------
(Decrease)/increase in cash (274) 1,944 504
----------- ----------- -----------
Cash Flow Statement
for the six months to 31 August 2006
D shares
Unaudited Unaudited Unaudited
Six months to Six months to Year to
31 August 31 August 28 February
2006 2005 2006
£'000 £'000 £'000
Operating activities
Dividend income received 13 5 8
Investment income received 180 133 436
Deposit interest received 37 63 86
Investment management fees paid (278) (144) (370)
Other cash payments (52) (14) (62)
----------- ----------- -----------
Net cash (outflow)/inflow from
operating activities (100) 43 98
----------- ----------- -----------
Capital expenditure and financial
investment
Purchase of investments (1,841) (12,588) (15,102)
Disposal of investments 5,890 560 1,316
----------- ----------- -----------
Net cash inflow/(outflow) from
investing activities 4,049 (12,028) (13,786)
----------- ----------- -----------
Equity dividends paid
Revenue dividends paid (161) (8) (89)
Capital dividends paid (161) - (241)
----------- ----------- -----------
Total equity dividends paid (322) (8) (330)
----------- ----------- -----------
Net cash inflow/(outflow) before
financing 3,627 (11,993) (14,018)
Financing
Intercompany account movement (986) - 997
Issue of equity net of expenses - 13,392 13,070
Cancellation of shares (32) - (22)
----------- ----------- -----------
Net cash (outflow)/inflow from
financing (1,018) 13,392 14,045
----------- ----------- -----------
Increase in cash 2,609 1,399 27
----------- ----------- -----------
Cash Flow Statement
for the six months to 31 August 2006
Total
Unaudited Unaudited Audited
Six months to Six months to Year to
31 August 31 August 28 February
2006 2005 2006
£'000 £'000 £'000
Operating activities
Dividend income received 74 70 117
Investment income received 282 298 699
Deposit interest received 67 81 160
Investment management fees paid (595) (465) (1,005)
Other cash payments (93) (101) (179)
----------- ----------- -----------
Net cash outflow from operating
activities (265) (117) (208)
----------- ----------- -----------
Servicing of finance
Interest paid - (14) (14)
----------- ----------- -----------
Capital expenditure and financial
investment
Purchase of investments (3,232) (15,330) (21,559)
Disposal of investments 7,374 6,172 11,215
----------- ----------- -----------
Net cash inflow/(outflow) from
investing activities 4,142 (9,158) (10,344)
----------- ----------- -----------
Equity dividends paid
Revenue dividends paid (161) (155) (299)
Capital dividends paid (687) - (719)
----------- ----------- -----------
Total equity dividends paid (848) (155) (1,018)
----------- ----------- -----------
Net cash inflow/(outflow) before
financing 3,029 (9,444) (11,584)
Financing
Issue of equity net of expenses - 13,302 12,982
Cancellation of shares (694) (515) (867)
----------- ----------- -----------
Net cash (outflow)/inflow from
financing (694) 12,787 12,115
----------- ----------- -----------
Increase in cash 2,335 3,343 531
----------- ----------- -----------
Notes:
1. Details about the Manager
Close Brothers AIM VCT PLC is managed by Close Investments Limited. Close
Investments Limited is authorised and regulated by the Financial Services
Authority and is a subsidiary of Close Brothers Group plc.
2. Statutory accounts
The financial information set out in this announcement does not constitute the
Company's statutory accounts for the six months ended 31 August 2006 or 31
August 2005. The figures and financial information for the year ended 28
February 2006 are derived from the statutory accounts delivered to the Registrar
of Companies. The auditors reported on those accounts; their report was
unqualified and did not contain a statement under either section 237(2) or 237
(3) of the Companies Act 1985.
3. Accounting Policies
These accounts have been prepared on the basis of the accounting policies set
out in the latest annual report for the year ended 28 February 2006.
4. Basic and diluted return per share
Return per share has been calculated on 30,927,771 (2005: 32,285,865) Ordinary
shares and 16,075,418 (2005: 14,276,246) D shares being the weighted average
number of shares in issue for the period.
There are no convertible instruments, derivatives or contingent share agreements
in issue for Close Brothers AIM VCT PLC hence there are no dilution effects to
the return per share. The basic return per share is therefore the same as the
diluted return per share.
5. Net assets per share
Net assets per share has been calculated on 30,619,265 (2005; 31,961,329)
Ordinary shares and 16,048,898 (2005: 16,087,283) D shares being the number of
shares in issue at 31 August 2006.
For further information, please contact:
Andrew Buchanan / Kate Tidbury Despina Constantinides
Close Investments Limited Polhill Communications
Tel: 020 7426 4000 Tel: 020 7655 0500
This information is provided by RNS
The company news service from the London Stock Exchange
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